Indian refiners, who buy about 7,000 barrels a day of Iraqi crude from the spot market, have made alternative arrangements for supplies if there is a war in Iraq, Oil Minister Ram Naik said on Thursday.
Prices are sustainable and not just driven by speculative gains
India imports about 25 million tonnes of oil from Iraq each year.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
US commercial crude oil stocks were forecast to have risen by 3 million barrels last week
Overall forex market sentiment remained cautious
The US #DeepState has had a fine run, but will now discard Saudi Arabia as it is no longer useful to them, says Rajeev Srinivasan.
Benchmark Brent oil futures prices more than halved between June 2014 and January 2015.
The rupee had dropped by 18 paise to end at 66.40
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Achieving inflation target of 4 per cent, recovery after remonetisation and hardening profile of oil prices are some of the risks which the RBI is watching closely, says Gaurav Kapur.
'A 2018 murder may lead to shifts in the geopolitical order and impact at least one monarchy,' says Devangshu Datta.
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
The US currency's decline against major world currencies alongside fag-end dollar supply largely helped the rupee recoup some of its initial losses
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Dealers attributed the rupee's fall to fresh demand for the US currency from importers
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
One should appreciate the sagacity and audacity of JRD and Nani Palkhivala in founding TCS on April 1, 1968. At that time there was no Microsoft or Intel, SAP or Accenture, much less Google.
They needed a person who could build and execute their vision: A frontiersman; a problem solver and an institution builder. It was their and India's good fortune that Faqir Chand Kohli more than measured up to their requirements and indeed laid the foundation to take TCS to unimaginable heights and to the giant success that it is today. Shivanand Kanavi salutes the incomparable F C Kohli, who passed into the ages last week.
Overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains.
In worldwide trade, the US dollar continued its highly bullish trend against all major emerging market currencies
The dollar maintained its bullish momentum in Asian and early European trade
The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.
Sluggish domestic equities and persistent capital outflows largely pressurised the Indian unit
Robust capital inflows alongside a slightly weaker greenback too reinforced the dominance of the home currency
In the last policy review in December, RBI had decided to keep policy rate unchanged.
A weakening dollar against other currencies overseas supported the rupee.
Just as very high oil prices looked an anomaly in a sluggish world, so now do record high equities.
Investors will keenly watch US Fed meet starting Tuesday
The Indian currency had appreciated by a whopping 85 paise in three-day surge
Falling sales since demonetisation has alarmed CEOs, who want to save cash till the economy recovers.
Wholesale inflation shot up to a 30-month high of 5.25 per cent in January as rising global crude oil prices spiked domestic fuel cost, even as food prices moderated.
Lacklustre domestic equities alongside ongoing FCNR redemptions added pressure on the local currency
'The surge of Saudi nationalism is the last thing Washington wants,' says Ambassador M K Bhadrakumar.
The rupee had dropped by 60 paise or 0.89 per cent in previous three trading days.
Sustained dollar unwinding from exporters and banks amid weak overseas trend gave a boost to the rupee
Hardening prices of manufactured items during the month may refrain the Reserve Bank of India from cutting rates in its policy review on February 8.
Crude oil hit an all time high in rupee terms; Tuesday figures expected to be higher
Plenty of other factors are likely to keep a lid on prices.
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